Developer Africa aa‚¬a€œ Israel struggles to restructure debt, says Bloomberg

Newsroom 16/12/2009 | 19:15

Real estate developer Africa – Israel Investments, owned by Israeli billionaire Lev Leviev is trying to escape bankruptcy after starting to restructure a $2 billion of debt, according to a recent piece by Bloomberg newswire. Leviev s now trying to reach an agreement with Africa-Israel’s creditors to avoid having to seek bankruptcy protection. Africa-Israel bonds make up about 0.6 percent of the total amount of pension savings that Israeli financial institutions manage, the Finance Ministry said in August, quoted by Bloomberg.

The Africa – Israel shareholder says the main mistake was the exposure on the US market.

Africa-Israel is the main investor in AFI Europe, which has developed and runs the AFI Palace Cotroceni shopping mall in Bucharest and which is planing to develop commercial and residential properties in the country.

Read the entire story about Lev Leviev here.

Corina Saceanu

BR Magazine | Latest Issue

Download PDF: Business Review Magazine December (II) 2023 Issue

The December (II) 2023 issue of Business Review Magazine is now available in digital format, featuring the main cover story titled “A Visionary Leader Entrusted With Consolidating CPI's Portfolio
Newsroom | 21/12/2023 | 14:13
Advertisement Advertisement
Close ×

We use cookies for keeping our website reliable and secure, personalising content and ads, providing social media features and to analyse how our website is used.

Accept & continue